KNR exceeds our expectations. We forecasted revenue/EBITDA/net profit expectations of Rs3.4bn/Rs499mn/Rs380mn, including indirect taxes. While netting off blended 12% GST, KNRC reports a revenue/EBITDA/net profit of Rs3.9bn/Rs824mn/Rs590mn respectively. With Rs36bn in order backlog, translating into a mediocre book-bill of 2x FY18E revenues, we keep our fingers crossed. On order inflows, KNRC is confident of adding Rs25bn annual orders. By FY19, KNRC is aiming for Rs30bn inflows. We draw comfort from the company capital allocation policy. With lower exposure...